News Formal

Skillz CEO: Going public via SPAC is just one step in becoming a 'hundred-year company'

  • 📰 CNBC
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 72%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The deal values Skillz at $3.5 billion -- about 15.5 times its projected 2020 revenue of $225 million -- and would make it the first mobile e-sports platform to go public.

The company generated $103 million in sales during the first six months of the year, with annualized revenue growth of 111% in the second quarter.

The company is not profitable, and projects it will lose $47 million this year on an adjusted EBITDA basis, not including stock-based compensation and one-time expenses. It declined to share more detailed metrics about its profitability, but said it expects adjusted EBITDA to turn positive in 2022.Skillz users spend more minutes per day on the platform on average than Netflix or FacebookThis speaks to the rapid growth of the mobile gaming market.

Paradise emphasized that growth of Skillz, which had seen a consistent uptick even before imposed lockdowns due to the COVID pandemic, is simply an indicator of just how much more the mobile games market can expand. "Mobile gaming is interactive content built for interactive devices, and that's why it's the future of entertainment," he said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

SPAC Scratch Fever

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jamie Dimon almost became CEO of Home Depot, says company founder Arthur Blank - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Are you NEW to FOREX? Minimize your losses with my expert strategy with an investment capital of $300, i can guarantee $3,500 as profits after 5days of investment without sending money to anyone . Inbox me if interested.
Source: BusinessInsider - 🏆 729. / 51 Read more »

How SHRM CEO Johnny C. Taylor transformed the largest HR organization - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. clickbait
Source: BusinessInsider - 🏆 729. / 51 Read more »